ACS applies brakes to merger with Hochtief
Spanish construction and energy group ACS has applied the brakes to the merger process with its German construction unit Hochtief due to the disparities of the companies’ respective stock value, Expansion reported.
The Spanish-language business paper cited sources close to ACS as saying that a merger now would be detrimental to the Spanish shareholders.
ACS is ready to postpone the merger until 2017, Expansion said. Hochtief stock closed yesterday (12 May) at EUR 111.70, down 1.5% on the previous day, while ACS stock closed at EUR 27.10, down 1.3%.
ACS holds a 66.5% stake in Hochtief. The German company reported 1Q16 net profit of EUR 63m.
Expansion